Consolidates all categories of gross income for cross-claiming of net losses and allows 20 year loss carryforward under the New Jersey gross income tax; repeals alternate business income calculation.

This bill changes New Jersey's gross income tax rules by consolidating all 16 income categories into one unified system. It allows taxpayers to offset losses from one income source (like investment sales) against gains from another (like business ownership) in the same year, and extends the loss carryforward period from 5 to 20 years. It repeals a previous limited rule that only permitted cross-claiming for four specific business-related income categories. These changes directly affect businesses and investors with diverse income streams who previously couldn't offset losses across different income types under New Jersey's tax structure.